National Republican., 1887-10-15
L. This a ConsplracY2

A few days since the Secretary OF the
Treasury held conference with a number
OF the leading New York bankers. 1t Was
known then that the American Bankers AS
sociation would meet on the llth of this
month at Pittsburg. This associs tion In
cludes nearly every national bank In the
United States, and these banks have as their
own property at least $500 100000 at par
value of the bonds OF the United States
Besides the bond ownership by the banks
tie officers and directors Of those institu-
tions in their personal rights own perhaps
one half the remainder OF all the United
States bonds now out.
The Secretary OF the Treasury has placed
premium on all these bonds, S225, 200, 900
of them being rated at $1Os.40 for every
Sl00, and $725, 900 900 at $l25 for every $l00.
The Bankers Association met in PITTS
burg at the appointed time, and on the 18th
passed the following resolutions:
Resolved, That we favor rapid cxtnguish-
ment of the public d, bt, and therefore rec IN p
mend the continued purchase by the Secretary
Of the Treasury OF the outstanding government.
bCDds. We consider II reduction Of the reve.
unwisc. Let the surplus be promptly au
constantly applied TO the llqu datiOn of IN
d,bt, and let the action oi the treasury in tn
work of buying the bonds he further regulated,
syst,matized, and controlled by ad itionpl
legislation.
These bankers issue the national bauk
currency, amounting to more than one sixth
Of the circulatiou of the country, aud these
notes can ouly be issued upon the securit =
Of United States bonds deposited in u,
treasury OF ths United States.
The profit on these notes Is so small, III
addition to the rate Of interest on tu
bonds, that the bankers have been sucrc.
deriDg their circulation ut II very rapid raG-
and Withdrawing their bonds To be used Ia
other ways than as security for issues o'
notes.
Now after conference between some OF
the leading bankers an the Secretary, AMI
after the Secretary has fixed heavy rate
Of premium to be paid on the bonds, the
bankers pass the above quoted resolution,
insisting that the Secretary Of the Treasury
shall purchase their bonds at the premium
he has named.
IL tuc ScciCtuiJ putCuuoco buo oOuub VI
the banks the bank notes will be retired
and the currency contracted to the amount
Of $1G6, 100000.
Ia there conspiracy between the banker,
and the Secretary to further contraction IL
that enormous sum?
The facts are as stated, the public car
draw conclusions, but to the NATIONAL
REPUBLICAN,, with knowledge of tn,
avowed contraction policy Of this admins
tratiop, there seems to be no doubt but tina
the administration seeks to strengthen IL
contraction policy before Congress by secur
ing the aid OF the national banks.
1t looks like conspiracy to contract tn,
currency and at the same time to pay al
enormous sum Of the peoples money to thu
bondholders in the way OF premiums.
With the money now In the treasury, al
admitted by the officials, amounting tC
nearly $500, GOO, 600, that can be applied /,
the payment Of the deot, and the surpIu
OF $125,0O0, 900 per annnm, it would TAX,
only live years to extipguish the entir,
bonded debt If paid at par.
But II The plan Of the administration, t
purchase aid pay premiums on bonds, AM
the suggestions OF the Bankers Associn
tioD. is applied to all the bonded debt o
the United States the sum Of hVO hunare
and ten million dollars will be added to Ia,
par vslue Of the bonds, which money vii
he taken out OF the pockets Of the peopl
of the United States and given TO the pond
holders.
The policy proposed by the Bankers As
sociation TO continue the collection Of tn,
enormous taxes from the people, and huv
the Secretary OF the Treasury continue &,
Increase the public debt by payiag
premium On the bonds, ia ablurrcnt 10 eyer,
sense Of equity and honesty, THIS cold
blooded, selfish policy 10 destroy values
and increase the purchasing power OF
money is sufficient to politically damn any
administration which will approve 1t.
Tbeie ought to be no difficulty in raising
splendid campaign fund II this plan is
carried out.